Ecopetrol Shopping for Law Firm to Advise on IPO

Colombia's state oil firm Ecopetrol has opened a process to select an international legal advisor for the planned sale of 20% of the company, Ecopetrol said in a statement.

Ecopetrol said a list has been drawn up of leading candidates for the contract, law firms with expertise in corporate finances and initial public offerings in the US which had been contacted.

In early January, President Álvaro Uribe signed a decree allowing for 20% of Ecopetrol to be sold. Shares are due to go on the market later this year. The government will retain the other 80% of the company.

The IPO will allow Ecopetrol to carry out a plan to invest close to US$2.5bn a year, the statement said.